What the papers say- 6th and 7th February 2010

Published 09/02/2010

With more lenders increasing their Standard Variable Rates over the last week, the Sunday Times looked at whether it is now time for borrowers to move their mortgage. As a general rule experts suggested that homeowners with more than 20% equity and on a Standard Variable Rate above 3.5% should consider switching now. Economists expect rates to double to 1% by the end of the year, rising to 2.50% by 2011, so the coming weeks appear to be a good time to snap up a competitive deal, especially following a new stream of low rates launched last week by the likes of First Direct and the Leeds Building Society. Applying for a mortgage may appear to be a straightforward process, said The Times, but recent reports suggest that details of millions of mortgages, bank accounts and credit cards opened before 2000 do not appear on credit reports, as many banks and building societies do not have permission from customers to pass their details on to credit reference agencies. This can cause severe problems for anyone looking to apply for a mortgage or loan as lenders base their decision on electronic rather than manual scoring, so any information omitted from a credit report could lead to an application being rejected. Elsewhere, the Mail on Sunday looked at the growing trend of lenders offering multiple versions of key products which can differ greatly from the attractive rates advertised. Halifax for example offers several variations on headline grabbing rates depending on an applicant’s level of equity and whether they are an existing customer. Experts therefore highlighted the importance of shopping around and checking the small print of a deal before applying.

Think carefully before securing other debts against your home. Your home or property may be repossessed if you do not keep up repayments on your mortgage.

We're here to offer our customers excellent fee free mortgage advice. Our expert advisers will help you secure the best mortgage deal whether you're a first time buyer, remortgaging your home, buying to let or moving up the property ladder. We'll help you throughout the mortgage process – no hidden costs or surprises, just straightforward, honest, mortgage advice.

Representative example A mortgage of £188,578 payable over 22 years, initially on a fixed rate until 31/12/23 at 2.19% and then on a variable rate of 4.74% for the remaining 17 years would require 62 payments of £900.79 and 202 payments of £1,094.12. The total amount payable would be £276,994 made up of the loan amount plus interest (£88,283) and fees (£133). The overall cost for comparison is 3.7% APRC representative.

London & Country Mortgages Ltd, Beazer House, Lower Bristol Road, Bath, BA2 3BA is a company limited by shares. Our Companies House number is 1988608. We are also authorised and regulated by the Financial Conduct Authority. Our FCA number is 143002. The FCA does not regulate most Buy to Let mortgages.

Our dedication to providing our customers with a first class mortgage service has helped us win over 150 awards since 2002, more than any other mortgage broker. In fact we’ve won the most prestigious awards in our industry on numerous occasions. You can see them all in our awards gallery.

We’re proud to support Winston’s Wish, the UK's leading childhood bereavement charity. Every year Winston’s Wish need to raise over £2.4million to provide practical help and support to children suffering the loss of a parent or sibling. For more information visit the Winston's Wish website and Twitter

We'd like to stay in touch

Let us do the hard work for you. We'll keep an eye on the latest mortgage rates, offers & related services so you're always up to speed. We'll only do this if you want us to and by the methods you choose below. Don't worry, you can unsubscribe or change your preferences at any time and you will only get our messages. Read our privacy policy here.